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New Orders Slow to 13-Month Low, But Services Growth Stays Solid
PMI Services: India's services sector continued its strong performance in February. The HSBC India PMI stood at 58.1, indicating rapid expansion in the sector. However, due to increased competition, new order growth has slowed to a 13-month low.
The services sector brought some positive news for the Indian economy. The services sector continued to grow at a fast pace in February. This information comes from the HSBC India Services PMI figures, which were released on Monday. According to the figures, the services PMI in February was 58.1, indicating that the sector continued to grow at a fast pace. Any figure above 50 indicates growth.
According to the HSBC India report, the growth prospects for the Indian services sector remain stable. Although the PMI figure slightly declined in February to 58.1 from 58.5 in January, it remains at a strong level.
The report also revealed a concerning point: the pace of new orders fell to its lowest level in 13 months. Some companies reported that increased customer inquiries and strong marketing helped boost sales. Others said that increased competition prevented rapid expansion.
